The very first thing that you need to get your head around when you come across any Betfair sister sites is that they operate what is known as a betting exchange, and in layman’s terms that is simply a betting platform that allows punters to place and lay bets between themselves.
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As such when you log into your account you are given the option of choosing whether to take the odds being offered to you by fellow punters on any type of sporting event, or you can offer odds to other users of those betting exchanges too.
So if you think for example a football team is going to lose their upcoming match you can offer odds on them doing so, and once someone else accepts your odds you will win their stake off them if that team does lose, or you will have to pay them out their winnings at the odds you offered if that team wins.
Betting exchanges really have changed the ways punters bet these days, for as the odds on offer have been compiled by other punters they usually tend to be way higher than those being offered to you either on an online or mobile betting site or app or in your local high street betting shop too!
Betting Platforms and Apps
Downloading the apps available at sites like Betfair will see you still being able to access their betting exchange, so you can opt to place a bet or lay a bet as you see fit, and there are going to be just as many betting markets available to you when you make use of and utilize their online betting exchange too.
I am aware that the thought of using a betting exchange either online or via your mobile device may seem a little daunting at first, however you will find a full range of guides and video tutorials available to you on the websites of each sister site.
Therefore I would suggest that you spend a little bit of time reading and/or watching those guides and tutorials to enable you to get a full understanding of both how to place bets and lay bets too.
Also be aware that if you lay bets then you will need to have enough money in your account to cover the potential pay-outs on the sporting events you are offering odds on, but you are in control of what your liabilities will be of course!
The way in which the Betfair sister sites make their income is by charging a small commission on winning bets placed, so if you place a bet and it wins a small percentage of those winnings are paid as commission.
However, if you are laying bets and you win the stakes off other punters then a small percentage of those winnings are subject to the commission fee, that fee however is tiny compared to the over-round that all bookmakers work too!
As you are betting amongst other punters the odds you are going to get will always be higher than those offered to you by any sports betting site or bookmaker, and I would suggest you spend some time comparing the odds on offer to you at those sister sites and any sports betting sites you are a customer of, as you will instantly see the value of using a betting exchange!
New customers sign up welcome bonuses are available at those sister sites and at Betfair itself, and they do offer plenty of ongoing deals which could see the amount of commission you pay being reduced once you reach certain thresholds reading the volume of bets you place or lay too.